Loan Comparison: 2.96% vs 6.5%
5789 Slate River, Brighton, CO 80601 · 3bd/3ba · $630,000
List Price
$630,000
Assumable Rate
2.96%
Remaining Balance
$505,905
Equity Gap
$237,230
Loan Type
FHAAdjust Your Scenario
$31,500
$31,500$237,230
8.50%
5%10%
Second mortgage rate on the equity gap
Conventional Rate: 6.5% (30yr fixed)
Assumable Rate: 2.96% (FHA)
Blended Rate: 4.56%
Monthly Payment Comparison
New Conventional @ 6.5%
$3,783/moAssumable @ 2.96% + gap loan
$3,704/moAssumed loan: $2,122/mo
Gap financing: $1,582/mo
$79less per month with the assumable
Your Savings on This Property
5789 Slate River, Brighton · 2.96% FHA vs 6.5% conventional
$79
per month
$948
per year
$28,449
over 30 years
$141,584
interest saved
How gap financing works: The equity gap ($237,230) is the difference between the home price and the remaining loan balance. You cover this with a down payment ($31,500, 5% of purchase price) and a second mortgage for the rest ($205,730 at 8.5%). Even with two payments, the blended cost is typically much lower than a new conventional loan. We work with lenders who specialize in assumption gap financing.
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